NORWAY - The NOK6.1bn (GBP594m) Telenor Pensjonskasse has abandoned all its fund of hedge funds (FoHF) investments worth around NOK122m (GBP12m) and invested in a new energy hedge fund instead.
"We have sold two Storebrand funds and one from DnB NOR Asset Management," Investment Manager Tom Jarnreid said, adding the scheme had instead invested in an undisclosed energy hedge fund.
For the moment, the pension scheme has said it is not interested in any FoHF products and plans to "wait and see" how the financial markets develop this year.
"We are definitely not investing in fund of funds in the next few years," confirmed Jarnreid.
Partner Insight: In recent years, pensions administrators have seen scheme member engagement increase significantly. The advent of Pensions Freedoms in 2015 and the increased choices faced by members have led to a sea-change in the levels and types of...
Purna Bhudia looks at how the PPF's investment strategy has evolved, especially in the area of credit
Two consultancies have reported decreases in defined benefit (DB) transfer quotation requests in Q3, and said guaranteed minimum pension (GMP) equalisation could impact transfer activity.
The Association of Consulting Actuaries (ACA) and Royal London have proposed a "pensions pound" to "radically simplify" defined benefit (DB) pensions rights.